The rapidly growing gambling industry requires new payment solutions to address its challenges. Cryptocurrency and cryptocurrency payment gateways, like Sheepy, can enhance cash flow efficiency into gambling platforms and improve customer experience with gaming services.
However, online gambling and betting development face challenges, particularly when accepting online payments from players. Difficulties arise even at the stage of integrating payment gateways. Payment processors often deem gambling merchant accounts high-risk, leading to transaction fees as high as 15% to 20%, significantly higher than the standard 1% to 2% processing fee for online stores. Furthermore, some customers maliciously request chargebacks after losses, disputing legitimate transactions with issuing banks or payment processors. Such chargebacks are costly for businesses, resulting in lost revenue, additional fees, and reputational damage. Gambling platforms often need to demonstrate the legitimacy of payments, with funds being frozen during proceedings, sometimes lasting up to 6 months.
Cryptocurrency responds to both of these challenges and serves as an effective prevention tool, which simultaneously reduces the cost of payment processing and successfully counteracts malicious chargebacks. The largest gambling and betting platforms are one by one introducing payment acceptance in Bitcoin, altcoins and stablecoins, turning to cryptocurrency payment gateways instead of traditional financial institutions.
Sheepy offers comprehensive, user-friendly crypto payment processing software that supports major cryptocurrencies, including Bitcoin, Litecoin, Bitcoin Cash, Ethereum, USDT (ERC20) Tether, TRON, USDT (TRC20) Tether, and XRP. Sheepy not only accepts cryptocurrency payments but also provides additional features:
- Direct Bank Transfers to Merchants: As a licensed entity, Sheepy is authorized to facilitate the conversion of various cryptocurrencies into fiat money, subsequently transferring the funds directly into the merchant’s bank account. Operating with meticulous adherence to the European Union’s relevant regulatory framework, Sheepy ensures that each transaction maintains full compliance with the applicable directives and regulations.
- Automated Conversion: Sheepy introduces an advanced Auto Conversion designed to empower merchants with the capability of seamlessly converting their cryptocurrency revenues into their preferred fiat currencies either instantly at the point of transaction or at a later stage. This cutting-edge feature significantly mitigates the inherent risks tied to the volatility of cryptocurrency values and foreign exchange rates while preserving the inherent convenience associated with cryptocurrency transactions.
- Streamlined Payouts: With Sheepy’s sophisticated automated payout system, businesses can initiate and complete payments to multiple recipients simultaneously through a single API call. This functionality not only eradicates the necessity for manual processing but also substantially cuts down administrative overhead, promoting efficiency and saving valuable time.
- Deposit (Static) Addresses: With the recent incorporation of the Deposit Addresses feature, merchants are now equipped to craft personalized, static addresses on supported blockchains. They can also assign unique alphanumeric references, like user IDs or UUIDs, for each customer, thereby generating distinct addresses. This enhancement significantly simplifies the user experience during account top-ups by eliminating the need for customers to repeatedly enter payment details, offering a smoother, more intuitive process.
- In-Depth Transaction Reporting: Sheepy provides merchants access to meticulously detailed transaction reports, furnishing invaluable insights into transaction volume, fees, and a spectrum of crucial metrics instrumental in refining and optimizing business operations and cash flow.
- Real-Time Notification System: Sheepy boasts an automatic notification system that generates invoices in real time while concurrently notifying merchants of received payments. This system is not only customizable but also ensures that order processing is executed promptly and efficiently, aligning perfectly with the dynamic pace of the commercial environment.
Unlike other payment gateways, Sheepy works with fixed transaction fees and does not limit the number of monthly transactions and daily settlements.
The process of cryptocurrency payment gateway implementation is much faster than communication with developers of traditional payment solutions. One needs to create an account at Sheepy platform and fill out a simple form with information about the business. Onboarding procedures are fully automated and do not take much time. After registration, the merchant immediately gets access to the test environment and API documentation.
Every year, cryptocurrency payment gateways offer businesses more opportunities to improve the management of payment flows. Now crypto gateways are not just about accepting payments in cryptocurrency, but they also offer many other tools that increase the efficiency of gambling platforms without distracting them from their main mission – creating entertainment and gaming experience for their players.
